The survey--"Attitudes Part II: Employee Attitudes Toward Risk"--was conducted with 9,100 employees and found, among other things:
- more than three-quarters of older workers plan to spend less in retirement than they are spending today;
- employees are more willing to pay a higher amount for certainty in their retirement and health care benefits compared to 15 months ago;
- employees across all age groups and plan types are willing to trade higher pay increases for more generous retirement benefits and more predictable health care benefit costs.
“The economic crisis has had a deep effect on employees’ attitudes toward retirement and especially on risk,” said David Speier, a senior retirement consultant at Towers Watson. “Despite the signs that some employees are saving more, spending less and reducing debt as the economy stabilizes, workers continue to have a fear that they won’t be able to afford retirement — and that will have significant implications on companies’ ability to plan their future workforce needs.”Source: Towers Watson News Release (October 5, 2010)